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RE: [dtube] How to Resolve Bitcoin's Energy Waste Issue?
It's not true! The article has just calculated the energy used based on the fee. So yes $20 is more than most households use. I calculate the energy used by taking the hash rate dividing it by the hash rate of one ant miner as this probably the most common and then you can derive energy consumption it's not perfect but it's nowhere near the $20 per transaction this is a fallacy as most of that is just profit for miners.
In fact the block reward covers all the cost the transaction fee are just a bonus for the miners as I calculate that $148677.31 get's used per block with the reward being 12.5 BTC. So clearly the block reward is what is driving all the hash consumption not the transaction themselves.
Ahhhh so that's how they tried calculating it. Interesting. Cheers for providing clarity around that Tony.
No problem :) I think it's important to remember that miners are primarily chasing the block reward. Sending always use to be free or nearly free as all your doing is sending a transaction over to the mempool and hoping that the person who mines the block includes it. Will be interesting to see what the hash rate is when the block reward halves.